RIYADH: Basic Chemical Industries Co. is likely to post strong results for the first quarter, following robust full-year figures in 2021, CEO, Alaa Al-Sheikh, told Argaam.
Rising sales, driven by joint ventures and partnerships with Henkel and Huntsman Corp., pushed the firm’s net profit from SR31.5 million ($8.4 million) to SR34.4 million in 2021.
“The company has witnessed a strong move towards restructuring last year,” Al-Sheikh said.
“While this continues in 2022, we expect that upgrades and developments within the company to reflect positively on its performance during the first quarter,” he added.
Al-Sheikh expects prices of chemical products to stabilize during this quarter at late 2020 levels, adding that the global oil rally hasn’t affected the company’s operations.
Established in 1973, BCI is specialized in producing and selling chemicals and has several subsidiaries including Saudi Water Treatment Co., Arabian Polyol Co., and others.
